DAILY MARKET UPDATE – (01/04/2024)

Indian Stock Market Outlook for April 1

➢ The Indian stock market indices, Sensex and Nifty
INDICES CLOSE CHANGE %
50 are likely to see a positive opening on Monday
SENSEX 73,635.48 +0.88%
led by supportive global market cues.
NIFTY 50 22,326.90 +0.92%
➢ The Gift Nifty was trading around 22,530 level, a
premium of nearly 40 points from the Nifty futures’ BANKNIFTY 47,124.60 +0.72%

previous close. S&P 500 5,254.35 +0.11%

➢ The Sensex spiked 655.04 points to close at NASDAQ 16,379.46 -0.12%

73,651.35, while the Nifty 50 settled 203.25 points, NIKKEI 225 40,060.02 -0.77%
or 0.92%, higher at 22,326.90.
HANG SENG 16,541.42 +0.91%
Key Market Developments Overnight

➢ US Stock Market: The US stock market indices ended mixed on Thursday with the S&P 500 notching

its strongest first quarter in five years.

➢ Asian Markets: On Monday, Asian markets saw upward movement as investors evaluated significant

economic indicators from China and Japan. Nikkei 225 in Japan increased by 0.41%, although the

Topix experienced a slight decline of 0.28%. South Korea's Kospi saw a rise of 0.36%,the Kosdaq

added 0.63%. Notably, Hong Kong markets remained closed for Easter Monday.

➢ Indian Stock: Thursday witnessed a notable surge in the Indian stock market indices, propelled by

favorable global signals, thus concluding the fiscal year 2024 with substantial gains.

➢ Gift Nifty: Gift Nifty was trading around the 22,540 level, a premium of nearly 50 points from the

Nifty futures’ previous close, indicating a positive start for the Indian stock market indices.

➢ US Inflation: US inflation rose moderately in February, keeping a potential June interest rate cut by

the Federal Reserve on the table. The PCE price index increased by 0.3%, lower than expected,

following a 0.5% rise in January. Over the 12 months to February, PCE inflation advanced to 2.5%

from 2.4% in January.

➢ Oil Prices: On Monday, crude oil prices experienced a decrease while retaining the majority of their

recent increases. Brent crude declined by 0.21%, reaching $86.82 per barrel after experiencing a 2.4%

rise last week. Meanwhile, US West Texas Intermediate crude saw a decrease of 0.14% to $83.05 per

barrel, following a 3.2% increase last week.

Stocks to Watch: April 1

➢ HDFC Bank: HDFC Bank has entered into a binding term sheet to sell its entire equity stake in HDFC

Education and Development Services Pvt. Ltd. The sale will be conducted through a Swiss Challenge

method, with subsequent definitive agreements expected between the purchaser and HDFC Bank.

➢ Infosys: Infosys anticipates a refund of Rs 6,329 crore from the Income Tax Department. The company

is assessing the impact of these refunds on its financial statements for the quarter.

➢ Karnataka Bank: The lender partnered with ICICI Lombard General Insurance Company to offer its

general insurance products to bank customers. Additionally, the bank approved the allotment of Rs 600

crore worth of equity shares under qualified institutional placement (QIP) at Rs 227 per share to various

institutional investors, including Morgan Stanley, HSBC Mutual Fund, SBI Life Insurance Company,

Franklin India, and Max Life Insurance Company.

➢ Pharma Stocks: The National Pharmaceutical Pricing Authority (NPPA) has declared that prices of

essential medicines will escalate effective April 1. According to the announcement, there will be a

0.00551% augmentation in the (MRP) of scheduled formulations at the commencement of the fiscal

year 2024-25.

➢ Zomato: The food delivery giant has been served with an order demanding GST payment amounting

to Rs 11.27 crore, coupled with applicable interest and penalty totaling Rs 23.26 crore, by the Assistant

Commissioner of Commercial Taxes (Audit), Karnataka. The company is confident in its ability to

present a robust defense before the appellate authority and anticipates no financial repercussions.

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